SILVER SPRING, MD - Competitive Power Ventures has been retained by Ethanol Acquisition, LLC to manage its 105 MGY Hereford, TX ethanol plant under contract to be acquired through the bankruptcy of Hereford Biofuels, L.P. Ethanol Acquisition is owned by a group of lenders, led by Societe Generale, who had provided construction financing for the plant. CPV is assisting Ethanol Acquisition with closing the acquisition, and will be overseeing the plant?s transition to „mothball? status and liquidating physical commodity positions.
“We are pleased to have been selected by Ethanol Acquisition to manage their Hereford plant. Our objective is to properly maintain and preserve the facility in anticipation of a future start-up or eventual sale,” says Dave Magill, Senior Vice President, Asset Management for CPV. “Obviously, operating margins are currently tight, but we believe that the Hereford plant has unique technological and geographical advantages that will make the plant a valuable asset within the biofuel industry.”
“CPV is a great addition to our operations and management team for the Hereford plant”, says Ned Kleinschmidt, CEO of Ethanol Acquisition. “We have worked together frequently on power projects, and I am confident CPV will help transition Hereford to a successful business.”
About Competitive Power Ventures Holdings, LLC (CPV)
Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company headquartered in Silver Spring, Maryland. CPV focuses on developing and operating clean conventional and wind-powered generating facilities. CPV has regional offices in Braintree, Massachusetts, San Francisco, California and Toronto, Ontario, Canada. The company’s development professionals have played critical roles in the successful development of more than 30 generating facilities, representing over 15,000 megawatts of currently operational power generation capacity. For more information please visit www.cpv.com.